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After Tax Season: It’s Tax Planning Time!in Tax Advice Information and Updates
To help you take that first step, let us revisit the basics of tax planning.
1. If you fail to plan, you are planning to fail! Planning is a MUST to business and personal success. You need to tax plan in order to accomplish your financial goals.
2. Timing is Key! The key to successful tax planning is to start early in the year as possible and to always tax plan before committing to any large transactions, investments and new business. Some people think that tax planning is done at the end of the year when all you can really do at that time is to put some more money into your RRSPs. So remember, set up a tax plan as early in the year as possible. Also, tax planning is not a one-time deal, it is ongoing.
3. Business and personal, spouses. It is a must that you plan personal and business together and if you are married, spouses must plan together!
4. Realize that every transaction that we make has a possible tax consequence. Ensure that you have a tax plan in place before making any asset purchases, investing or starting a business. Without a tax plan, these transactions could end up costing you thousands of dollars more than if you planned for them.
Book your planning appointments in advance! You will simply need to call the KD office! Don’t procrastinate!